A lot of people who have not probed into the subject of a living trust reduce the process of estate planning to the creation of a last will. In fact, there are other asset transfer vehicles that can be preferable when certain circumstances exist. Plus, a well-constructed estate plan will address end-of-life issues. The estate planning device that is the best choice for many people is the revocable living trust. In this post, we will provide an overview in the form of a hypothetical question … [Read more...] about Living Trust Questions Answered
Family Communication During the Estate Planning Process
Though it is something that is a certainty for everyone, mortality is a subject that many individuals do not want to think about or discuss. As a result, far too many people go through life without any estate planning documents at all. In addition to this, when a plan is finally being devised, the whole matter can take on a shroud of secrecy if it is not discussed openly among family members. The Value of Inclusion Each estate planning case is different, and this is why you should explore … [Read more...] about Family Communication During the Estate Planning Process
Build a Long Term Relationship With Your Inheritance Planning Attorney
In most families, there are certain professional resources that have served multiple generations. For example, you may have a long-term dentist that your children went to when they were very young. Years later, the dentist’s office may actually provide dental care for your grandchildren. This is a phenomenon that can definitely enter the picture when it comes to a relationship with an inheritance planning attorney. Plus, there are actually tangible benefits that can be added to the trust factor. … [Read more...] about Build a Long Term Relationship With Your Inheritance Planning Attorney
Estate Planning for Young Families
They say that the only two certainties in life are death and taxes, and most people are fully prepared when April 15th rolls around. However, when it comes to the other one, statistics tell a surprising tale. The majority of American adults have no estate planning documents in place, and as you might imagine, a small percentage of younger people have executed estate plans. For a single young adult with no children and limited resources, this is somewhat understandable. However, someone in … [Read more...] about Estate Planning for Young Families
Guardianship Can Be Prevented
When you think about estate planning, the events that will take place after you pass away are naturally going to come to mind first. Without question, it is important to take the proper steps to make sure that your assets get into the hands of your loved ones in the best possible way. That being said, you should also consider end of life matters such as possible guardianship and prepare for them in advance. Incapacity Is Common This is a subject that no one is especially anxious to address, … [Read more...] about Guardianship Can Be Prevented
A Spendthrift Trust Can Provide a Solution
You are not alone if you are a financially successful person with a spendthrift in the family, and this can present a significant estate planning challenge. On the one hand, the person in question has often come to you for financial assistance. You are always willing to help, but you will not be around forever. If you leave a direct inheritance to this family member who is not good with money, the family member may burn through it very quickly. Going forward, there would be nowhere to turn … [Read more...] about A Spendthrift Trust Can Provide a Solution
What Is a Stretch IRA?
There are some helpful strategies you can choose during the estate planning process that many people never think about. This is one of the major reasons why you should develop a relationship with a licensed attorney that can explain your options to you. Personalized attention is key, and that’s exactly what you get when you work with our firm. With that in mind, we will look at the stretch IRA, an opportunity you may be able to take advantage of if you have an individual retirement account … [Read more...] about What Is a Stretch IRA?
A Look at Four Different Types of Wills
A lot of people are under the impression that estate planning revolves around the creation of a last will. In reality, there are a multitude of different legal devices in the estate planning toolkit. Plus, this comes as a surprise to many people, but there are multiple types of wills. We will look at four different wills in this blog post to provide some insight. Last Wills Of course, the most commonly utilized estate planning document is the last will or last will and testament. You can state … [Read more...] about A Look at Four Different Types of Wills
Trust Administration and the Role of the Trustee
When you find out about some of the drawbacks that come with using a last will as the centerpiece of your estate plan, you may be interested in an alternative. For many, the legal device called a revocable living trust will be a better choice. Contrary to popular belief, you don’t have to be extremely wealthy to benefit from this type of trust. There are other trusts that can be utilized, and we will look at them in future blog posts. In this piece, we will examine the trust administration … [Read more...] about Trust Administration and the Role of the Trustee
The Fundamentals of Estate Planning
Estate planning should be viewed as a relatively broad process that includes several different aspects. The ideal estate plan will vary depending on the situation, because each case is different, and there are multiple approaches that can be taken. That being said, there is a foundation that applies to everyone, and we will take a look at it in this blog post. Avoiding Intestacy The most basic reason why you should put an estate plan in place is to avoid intestacy. This is what happens if you … [Read more...] about The Fundamentals of Estate Planning
